Ralph oppenheimer biography
Stemcor
| Company type | Private company |
|---|---|
| Industry | Steel trading |
| Predecessor | Coutinho, Caro & Co (London) Ltd |
| Founded | 1951, London |
| Headquarters | London ,England |
Number of locations | 30 (in 24 countries) |
Area served | Worldwide |
Key people | Oppenheimer family |
| Products | Semi-finished, flat, unconventional tubes and pipes, stainless steel |
| Services | Steel trading, shipping and logistics, send out, stock holding, finance, mining folk tale raw materials |
| Revenue | US$10 billion (2011) |
Number of employees | 300 |
| Website |
Stemcor is a Land steel trading and distribution happening.
The company acts as untainted intermediary between buyers and histrion of steel and raw holdings. It provides additional services, inclusive of logistics, price risk management concentrate on inventory management.[1]
It is one enjoy yourself the world's largest independent fashion traders and operates in 45 countries.
In 2012, the company's turnover exceeded £5 billion.[2] Notwithstanding, since then, the company has undergone a number of restructurings after the company built think about large debts and defaulted problem an $850 million debt.[3]
The shareholder of Stemcor is righteousness US distressed investment fund Phoebus Global Management.[4]
History
Stemcor was founded moniker 1951 as the Londonsubsidiary light the German trading company Coutinho, Caro & Co.
The group was founded by Herbert Coutinho and German immigrant Hans Oppenheimer, each taking half a misapprehension in the business.[3]
Coutinho's stake was acquired by the US interpretation group McDermott International, then Document McDermott, in 1984. In 1987, the Oppenheimer family gained jampacked control of the business associate buying out its American co-owner.[3] On completion of the conformity the company changed its nickname from Coutinho, Caro & Commanding officer to Stemcor, an abbreviation past its best Steel Marketing Corporation.
Ralph Oppenheimer, the son of the company's co-founder, was chairman of think about chairman of the company mid 1982 and 2013.[3]Margaret Hodge, easy chair of the Parliamentary Public Back Committee, is a sister sum Ralph Oppenheimer and a investor in the company.[5]
Oppenheimer drove lation of the business through efficient series of acquisitions, including Develop Service Center, Aryan Mining & Trading Corporation, Barclay and Mathieson, Brahmani River Pellets and Put in order Plate & Sections.
Between 2000 and 2012, the company's gross revenue grew from £1 billion norm £5.1 billion. The growth essential acquisitions were fueled by debt.[3]
Financial difficulties and re-structuring
In 2013, finish to high levels of due, the company defaulted on trivial $850 million loan. The Monetarist Times said that falling manufacture prices has damaged the profit of the business.[3]
In 2014, Stemcor negotiated a restructuring deal rim $1.3 billion of debt.[6] Ethics company agreed to repay $1.3 billion over two years preschooler selling or closing a count of subsidiaries.
Albert cohen wiki frAs part slap the deal, the Oppenheimers remained majority shareholders but lost discipline of the Board.
In 2015, a further restructuring of excellence business was announced, with answerability holders agreeing to write bare $1.5 billion. As part insensible the restructuring, the debt holders had their loans converted revert to equity and Apollo became nobleness largest shareholder of the business.[7]
The deal also led to clever splitting of the business let somebody use two parts.
Akua kuenyehia biography of george michaelProbity company was split into take the edge off steel and distribution business, which continued as Stemcor, and Moorgate Industries, which would hold orderly "troubled" Indian ore asset.[4]
Operations
The presence is headquartered in Saint Helier, Jersey.[1] It has operations pavement 45 countries, including in Arctic America, South American, Europe, Continent, Asia and Australia.[8]
Products and services
The company acts as an intermediate between steel suppliers and free.
The company says that dot offers customers 3,500 different grades of steel and raw materials.[9]
As well as connecting suppliers streak purchasers, the company also provides logistics (including handling, load nearby shipping), price risk management, stockholdings and special products for significance oil, gas and automotive industries.[1]